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The FCA has been scratching around for ways of protecting savers in this position, and almost admitted defeat in March, but last week it came up with a bright idea in its discussion paper Price Discrimination In The Cash savings Market.

It has suggested that customers should be offered introductory rates for a specific period, say, a year, then automatically switch onto the basic savings rate.

Banks could still be free to set this rate, but it must be the same for all their customers.

They cannot pay different rates according to, for example, how long someone has been saving, how much cash they have, or whether the account is operated online or in a branch.

“The cost of apathy has never been more evident when savers are sitting on rates of just 0.05 per cent with HsBC, 0.10 per cent with NatWest, 0.15 per cent with Santander and 0.20 per cent with Barclays Bank, Halifax and Lloyds.”

It is important for savers to look around for the best bank rates (Image: GETTY)

By comparison, the average easy access account pays 0.52 per cent, while Coventry Building society offers a generous best-buy rate of 1.40 per cent.

She added: “Savers who feel they are getting a raw deal should check the latest best buys and switch if necessary.”

Get moving

Susan Hannums, co-founder of savings advice site savings Champion.co.uk, said if banks are free to set their own basic savings rate, most will simply go for the lowest common denominator, helping nobody.

However, she ruled out suggestions that this would deter the big banks from offering market leading rates: “That is hardly an issue, given that they do not offer compelling rates today.”

On 6 April 2016 the new personal savings allowance (PSA) launched. It means all savings are now automatically paid tax-free

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ISA Countdown: 55 days left to open an ISA with this year's allowance!

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For most people with under around £20,000 of total savings, cash ISAs won't be a winner. Try the Santander 123 account

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She said switching savings accounts has to be simplified and standardised: “It feels like a hassle, and many providers make it tricky with different applications and processes that put savers off.”

PWC financial services risk and regulation leader Sarah Isted said at least the FCA is considering something new: “It is showing that it will not hold back from taking more radical interventions to ensure consumers get a fair deal.”

Actually delivering is a different thing, though.

In the meantime, keep shopping around for the best deal, because apathy is your biggest enemy of all.